$556 million construction loan for iconic office development at 425 Park Avenue secured by HFF
NEW YORK, NY – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged a $556 million construction loan for 425 Park Avenue, an iconic full-block office development on Manhattan’s Park Avenue.
HFF worked on behalf of the borrower, L&L Holding Company and GreenOak Real Estate, to secure the loan through Cornerstone Real Estate Advisers, acting on behalf of an institutional investor. Tokyu Land Corporation will serve as co-equity partner and co-developer of the property.
425 Park Avenue is the first full-block office development on Manhattan’s Park Avenue in nearly 50 years. The 47-story office tower will be designed to LEED Gold standards by architect Lord Norman Foster. It will feature 670,000 square feet of flexible floorplate sizes and layouts to appeal to a range of tenants with views of Midtown on all floors and Central Park on floors 24 and up. Tenants will enter the building through a 45’ tall lobby atrium with floor-to-ceiling glass and pass two flagship retail experiences; a high-end restaurant on the building’s 56th Street and Park Corner, and a premier retail/gallery space on its 55th Street and Park corner to showcase contemporary art/technology. Additional project amenities include a private garage exclusively for the building’s tenants with a special car lobby, private building entrance and chauffeurs’ lounge as well as a 26th amenity floor featuring outdoor space with views of Central Park, a wellness center and dining, meeting and conference rooms. 425 Park Avenue is located in the Plaza District, the most prominent submarket in Manhattan’s Midtown office market with close proximity to Central Park and Rockefeller Center.
The HFF debt placement team representing the borrower was led by senior managing director Mike Tepedino, managing director Michael Gigliotti and director Jennifer Keller.
“425 Park Avenue is an iconic asset that generated strong lender interest, speaking volumes to the world class nature of the asset, spectacular location and reputation of the development team. It was a pleasure for HFF to be associated with the construction financing for this exceptional property,” said Tepedino.
About L&L Holding Company
L&L Holding Company is a privately-held, vertically-integrated real estate company that owns and manages a six million square foot portfolio of Class-A commercial office properties in New York City and the New York metropolitan area. As an investor, owner, operator, and developer, L&L is expert at identifying underperforming assets and unique value-add opportunities, producing unparalleled returns for its institutional partners and delivering award-winning redevelopment projects. For information about L&L Holding Company, visit www.ll-holding.com.
About GreenOak Real Estate
GreenOak is an independent, partner-owned real estate investment and advisory firm that seeks to create long term value for its investors and to provide strategic advice to its clients. GreenOak has approximately $4.6 billion in assets under management and has raised $3.3 billion of equity to invest in targeted strategies and assets as of March 30, 2015. The firm, founded in 2010, has offices in New York, Los Angeles, London, Madrid, Tokyo and Seoul.
About Tokyu Land Corporation
Tokyu Land Corporation began its operation in 1953, as a general real-estate developer with a commitment to create attractive living environments, by development and management of integrated projects, ranging from offices, commercial facilities, residences to resort facilities. In October 2013, the three listed group companies, Tokyu land Corporation, Tokyu Community Corporation (building management company) and Tokyu Livable, Incorporated, (brokerage business company) entered in to a three–way administrative merger and established a listed pure real-estate holding company, Tokyu Fudousan Holdings Corporation. For information about Tokyu Fudosan Holdings Corporation, visit http://www.tokyu-fudosan-hd.co.jp/english/.
Cornerstone Real Estate Advisers LLC, with subsidiary and affiliate offices in the U.S., UK, Europe, and Asia, is one of the largest global real estate investment managers. It provides core and value-added investment and advisory services, including a comprehensive suite of private and public real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe. Cornerstone is a member of the MassMutual Financial Group. For more information, visit www.cornerstoneadvisers.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.